Secret Obama Debt Reduction Scheme Revealed
Tuesday's agreement by mega-bank, HSBC, to pay a record $1.9 Billion in fines has inadvertently revealed a secret Obama administration scheme to quietly reduce the national debt and allow more social spending which, according to one unnamed administration official is "the funnest part of getting that mandate from the American people." In light of the HSBC $1.9 Billion, the Standard Charter $327 Million, the $619 ING Million, and previous penalties assessed against Barclays, UBS and Citi, today's page one article in the Wall Street Journal about UBS's near settlement of yet another penalty due to interest-rate rigging, it appears that Washington has fallen upon a win-win situation. Because these violations never result in prosecution of any individual ( I guess corporations are people after all ) due to a newly revealed trick called deferred prosecution, several beneficial benefits occur. First and foremost, the number of attorneys both on the financial si...